Comment Text:
10-005
COMMENT
CL-02489
From:
Sent:
To:
Subject:
michael almerico
Tuesday, March 30, 2010 9:28 PM
Metals Heating
METALS POSITION LIMITS
DEAR SIRS:
I FOUND THE HEARINGS QUITE INTERESTING. PARTICULARLY, MR. CHILTON AND
MR. GENSLER. AS THE QUESTIONS POSED WERE RIGHT AT THE ISSUE MUCH OF
THE TIME. SOME OF THE PANELISTS WERE SO BLATANTLY APOLOGISTS FOR THE
CONTINUATION OF NO SEE, NO LOOK, IT WAS QUITE DISTURBING. ANY PERSON
CAN SEE A PROBLEM WITH LARGE CONCENTRATED POSITIONS HAVING AN IMPACT
ON PRICE. FURTHER, AS IS FAIRLY EVIDENT, LARGE BANKS THAT GET BAILED
OUT WITH OUR TAX MONEY USING IT TO "BET" THAT METAL PRICES WILL GO
DOWN, IS RATHER DISGUSTING. I'M CERTAIN AS MORE PEOPLE CONTINUE TO
LEARN THAT BASICALLY A COUPLE LARGE BANKS, AFTER RECEIVING OUR TAX
MONEY, CONSTANTLY HOLD BILLION DOLLAR BETS THAT METALS WILL GO DOWN!
THE AUDACITY OF THAT BEING ALLOWED WILL SURELY INFURIATE THE PUBLIC
MORE AND MORE.
ALSO, TO ALLOW CONTRACTS FOR METALS THAT EXCEED TRUE PHYSICAL BACKING
BY HUNDREDS OF TIMES IS THE SAME OLD PONZI SCHEME THAT STARTED ALL OF
THIS BAILOUT MESS. THE VERY BANKS THAT OVERLEVERAGED AND CAUSED THIS
ECONOMIC DEBACLE ARE GIVEN FREE REIGN TO DO IT HERE. AS WORD WILL
SPREAD THROUGH THE PUBLIC SPHERE I SUSPECT OUTRAGE THAT THESE SAME
BANKS ARE GIVEN NO ACCOUNTABILITY IN THE METALS MARKET ALSO. ALL AN
INDIVIDUAL NEED DO TO SEE THE LARGE POSITION HOLDERS (BANKS) AFFECT IS
TO WATCH THE METALS TAKE DOWN EACH MONTH AT OPTIONS EXPIRATION DATES.
AS PEOPLE LEARN WHO THESE LARGE CONCENTRATED POSITIONS ARE HELD BY
(TARP BANKS), THE OUTRAGE WILL MAGNIFY.
I APPLAUD YOUR EFFORTS TO HOLD HEARINGS AND SURE HOPE YOU ALL DO THE
RIGHT THING. MR. GENSLER AND MR. CHILTON KNOW WHAT THAT IS.
THANK YOU,
MICHAEL ALMERICO
2101 LIME STREET
METAIRIE, LA 70001
